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Bundesbanker Thiele: Seconds Transfers Pass Through

Wednesday, December 27th, 2017 | bitcoin updates

             Despite lightning-fast digital data transmission, it is hardly possible for standard petroleum bank customers to receive payments on the bank transfer date. That may change soon.


        According to Bundesbank estimates, payments in seconds could become commonplace for many bank customers in the foreseeable future. "I'm confident that real-time payments will be a success in the medium term," said Carl-Ludwig Thiele, a member of the Board of the Deutsche Bundesbank, opposite the German Press Agency (dpa) in Frankfurt. "But I do not expect this to happen overnight, much will depend on usability and reach."

          Carl Ludwig Thiele (FDP), member of the Bundesbank Executive Board since May 2010, sees "Instant Paymant" as an important next step in money transfer technology.
          (Image: Deutsche Bundesbank, Manjit Jari)

    In "Instant Payment", the transfer amount should be credited to the account of the recipient within ten seconds. The order is made via online banking from the computer or using a smartphone app. So far, transfers are usually credited on the following banking day. The banking industry reacts with the system addressed by Thiele, inter alia, to a number of offers of online payment services such as Paypal, which enable even today within seconds money transfers.
"Nowadays, you get everything in real time, and payment transactions with long terms no longer fit," says Thiele. "It used to take up to five days for a transfer to arrive on the other account, and today instant payments can do that in seconds."
HypoVereinsbank was the first bank in Germany to launch an instant payment offer in November. "The beginning has been made: the first banks in Europe have been offering real-time payments since November 21. Further banks and savings banks in Germany will follow in 2018," stated Thiele. "At first it means a considerable investment for the banks, but the willingness to invest is there."
The entire economy is very interested in the new technology, because it gives them more transparency in payments, said Thiele: "If not paid, will not be delivered." Of course, security and data protection must be guaranteed, emphasizes the Bundesbanker. "But possible cases of abuse can not be the reason for not offering Instant Payments."




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